GBP/USD

The British pound has nearly reached the target level of 1.2645. In order to continue the upward movement, the price must, at the very least, surpass it. A potentially restraining factor is the wedge-shaped construction of the Marlin oscillator, from which its signal line is not in a rush to exit. If Marlin continues to fall, we expect a correction.

If our leading oscillator exits from the wedge upwards, then we expect further upward movement. However, the wedge will no longer be a wedge but simply a consolidation. This happens frequently. The first target is 1.2745, and the second target is 1.2837. At one of these levels, Marlin is expected to enter the overbought territory. This is when the correction is likely to occur.

On the 4-hour chart, the price is rising above the balance and MACD indicator lines. The Marlin oscillator is slowly moving deeper into the uptrend territory. We expect the price to be stable above the level of 1.2645.